There are three main levels you should be examining a property when buying:
- Location
- Block of land
- Building
It's not by accident that these are listed in this order. You'll notice they are in descending order of what influences the capital growth of your property. The old adage, 'location, location, location' is still as relevant today as when the famous saying was first uttered. The difficulty many people have is in assessing how this does and will relate to capital growth over time. The same can be said for the block of land and building.
When looking into a property, it's not only important to understand it's value, but to ensure the property compares well against your property purchase objective (why you want to buy the property). For each property you examine, write down your findings and be as comprehensive and impartial as possible. I also recommend seeking the most reliable source of information relating to each. Don't rely on the real estate agent for all your answers.
At Morpheus Property, we MPA Reports for buyers who want peace of mind and competent advice before they buy. An MPA Report compares your needs to information we research about the target property. The information is collated by your Buyer's Agent from a wide variety of sources, including a site inspection, real estate databases, council databases, various websites, the real estate agent (although not much emphasis is placed on this source), etc. We then compare and make recommendations about a good buying price and how that might be achieved.
For example, for a block of land (second component), we look at things like:
- size
- shape
- orientation
- slope
- views / aspects
- privacy
- breeze exposure
- easements
- zoning
- DCP
- heritage
- flood records
If you would like to order a report for your property, contact us on 1300 911 576. If you would like to see a free sample, send an email to mpa@morpheusproperty.com.au
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